Iran War: Oil prices rise after Trump's rejection of Iran
US President Donald Trump had rejected an Iranian peace proposal to open the Strait of Hormuz. Oil exports from the Middle East recently recovered slightly.
Oil prices rose over 1 percent on Monday after US President Donald Trump rejected an Iranian peace plan to open the Strait of Hormuz. Brent crude rose 1.3 percent to $105.64 per barrel and US light oil WTI gained 0.8 percent to $93.11. The Iranian plan was proposed last week through Qatari mediators, but Trump rejected it over the weekend while suggesting further negotiations this week.
Despite ongoing diplomatic efforts, geopolitical risks in the region remain high due to continued rocket and drone attacks by Huthi rebels on Saudi Arabia. Oil exports from the Middle East rebounded slightly in September to 12.8 million barrels per day, the highest since the war began in February.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
